The days of the dollar being the world's reserve currency are quickly coming to an end.
Oct. 10 (Bloomberg) -- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''``The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisis ``can't just be for one country, or even just for Europe, but global.''
The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi's remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.
Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,'' he said.
Berlusconi didn't give any details about what kind of rules leaders were looking to change, except to say that leaders are ``talking about a new Bretton Woods.''
Americans will soon have to start living within our means.
our means have been offshore outsourced
This is so bad and both candidates have been completely oblivious, an enemy really to a production economy and someone prove me wrong, but that's the only way out of this. Bush/Clinton/Bush literally offshore outsourced our economy through corporate written trade agreements and to me it's clear that having so many finance lobbyists running the show, looking at their short term profit agendas by investing in China and so on....has royally screwed America.
I have a side note, Gold is crashing right now and it makes no sense to me if the dollar is being decoupled at the reserve currency.
Gold is Money Price of the Dollar
We are facing deflation as Robini says.
All focus on finance is in the wrong direction.
We need to focus on production: the real economy
and to hell with the Wall Street Bastards.
To look at the problem objectively, finance economy is a parasitic superstructure on the real(productive) economy.
The bigger finance becomes, the more mal-investment,surplus value, is created. Surplus Value is the bane of efficient capital. All capital is inefficient now.
Burton Leed
I'm not so certain
Sure, money is being destroyed in very large quantities, and that means deflation. But the Federal Reserve and Treasury are expanding the monetary supply in unprecedented amounts, and that is inflationary.
I'm still betting that we end up in a hyperinflationary world before this is over. I think the current rise in the dollar is a rush to liquidity, rather than a rush to safety.
look in the videos
I've been thinking the same thing but it will be delayed, but check out the Jim Rogers interview in the FMN. why I included it, plus he's so straight talkin'.